IAG receives 700 insurance claims for damage from Cyclone Marcia

Residents on Bradman Avenue watch on as the Maroochydore River rises at high tide and threatens their homes. Glenn Hunt/Getty Images

Insurance Australia Group (IAG) has received 700 claims for damage from Cyclone Marcia which crossed the Queensland coast north of Rockhampton.

The majority of claims are from personal insurance customers who hold policies under the NRMA Insurance, CGU, Lumley Insurance, WFI and Coles brands.

About 90% of the claims relate to property damage from heavy rain and high winds in Queensland and northern New South Wales.

At last report, the Insurance Council of Australia said insurers had received 3,200 claims but more were expected.

Emergency services estimate 1,500 homes have been damaged and 100 families made homeless by Cyclone Marcia.

About 50,000 homes are still without power around Rockhampton and Yeppoon.

IAG’s current maximum exposure is $250 million.

The group’s natural peril allowance for this financial year is $700 million.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.